Houston’s Housing Market Drops to Number 30 From First Place

It only took one year for Houston to sink 30 places on the Urban Land Institute’s “Emerging Trends in Real Estate” list for top commercial real estate investment.

Last year’s energy boom, where oil prices were climbing towards $100 a barrel, pushed Houston to the top, followed by fellow Texas cities Dallas and Austin. After oil prices plummeted into the $40 –per barrel range, Dallas moved up to first place and Austin to second.

“Houston provided the most dramatic move, falling from number one to number 30. Concern over what the fall in the price of oil combined with the current level of new development gave survey respondents pause for 2016,” the report says.